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BHS did not fail because I took money out, says Dominic Chappell

Dominic Chappell, the former owner of BHS, has defended his decision to take a £2.6m loan from the retailer, calling it a “drip in the ocean”.

Chappell

Dominic Chappell

Speaking on BBC Newsnight last night, Chappell said: ”Did I take a lot of money out? Yes, I did. But did the business fail because I took a lot of money out? No it didn’t. 

”This was just a drip [sic] in the ocean of the money that was needed to turn around BHS.”

He also apologised “sincerely and utterly” to the chain’s 11,000 staff.

Chappell, who bought BHS from Arcadia boss Sir Philip Green for £1 in March 2015, said the plight of the staff “plays on” on him deeply.

Readers' comments (2)

  • The well known phrase is "drop in the ocean", one could suggest he's the drip.

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  • The bottom line is here is that a significant amount of money has been taken out of a business that was always going to go bust. That's fraud.

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